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Pengu price was trading near $0.030 at press time, down more than 8% over the last 24 hours. The drop has wiped out nearly all of its monthly gains. While the token still shows a 113% return over the past three months, fresh sell-side signals have raised serious questions.
With the charts pointing toward a potential revisit to $0.014, traders are watching closely for what happens next.
Exchange Inflows Spike, Smart Money Backs Out
Data from Nansen shows that exchange holdings for $PENGU jumped 5.74% this week to 16.07 billion tokens. This means roughly 873 million tokens entered centralized exchanges, usually a bearish signal suggesting incoming sell pressure.
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Meanwhile, whale holdings dropped by 0.43%, and smart money wallets cut exposure by 12.83%, now down to just 136.51 million tokens. Even public figure-linked wallets sold off, with balances falling 4.1%.
Only the top 100 addresses showed a 2.01% increase in holdings, now holding 74.65 billion tokens, which might point to internal redistribution rather than net accumulation.
So far, the balance shift is clear: high-conviction players are reducing their exposure, and exchange supply is swelling.
The 4-hour chart adds weight to the bearish thesis. The 50 EMA or Exponential moving average is approaching a death cross below the 200 EMA, a setup often associated with further downside.
Earlier this week, the 20 EMA already crossed under the 200 EMA, triggering a 15% $PENGU price drop from $0.033 to $0.028.
If the 50-200 EMA crossover confirms, historical behavior suggests another leg down may be next for the $PENGU price.
Traders use EMA crossovers to track medium—to long-term trend shifts. When shorter-term EMAs move below longer ones, it signals that sellers are in control.
Key Support Breaches Raise $PENGU Price Correction Risk
$PENGU price is now clinging to support at the $0.028–$0.030 zone, shown in the Fibonacci retracement on the daily chart. A break below $0.028 opens room for a fast drop toward $0.027, and if that doesn’t hold, the next visible support lies near $0.014.
That would mark a 53% potential drop from current levels, bringing the token back to its pre-rally levels. While nothing is confirmed yet, the bearish crossover and rising exchange reserves leave little room for bullish optimism in the short term.
On the flipside, if the $PENGU price manages to reclaim $0.033, the short-term bearish hypothesis might get invalidated. However, for that to happen, the looming “death” crossover needs to fail, and the buying pace must pick up.
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